Nationwide Building Society, a global leader in the mortgage industry, has announced its partnership with the Open Property Data Association (OPDA) to accelerate the digitization of the homebuying process. By sharing property information digitally across the housing market, the initiative aims to create a smoother, safer, and more transparent experience for both consumers and industry professionals.
Currently, the homebuying process is hindered by a lack of digital property data, with less than 1% of information available in a shareable format. This often leads to redundant requests for the same information from multiple parties involved in the transaction. By standardizing and sharing property data, OPDA seeks to streamline the process, reduce processing times, and mitigate fraud risks.
Nationwide will play a crucial role in raising consumer awareness about the benefits of digital property data and driving industry adoption of OPDA’s framework. The building society will also contribute its expertise in mortgage lending and customer insights to enhance data sharing and security.
Henry Jordan, Nationwide’s Director of Home, emphasized the company’s commitment to improving the overall homebuying experience. He highlighted the importance of data standardization in achieving this goal and expressed confidence in Nationwide’s ability to contribute valuable insights to the initiative.
Maria Harris, Chair of OPDA, welcomed Nationwide’s membership as a significant milestone in the association’s mission to transform the homebuying process. She emphasized the positive impact of Nationwide’s strong brand and reputation on promoting the importance of open data standards.
OPDA is actively collaborating with the government to advance the digitization of the homebuying process. The association has called for a complete digital transformation of the process within the next three years and is working closely with the Department for Levelling Up, Housing and Communities to achieve this goal.
By joining forces with OPDA, Nationwide demonstrates its commitment to innovation and improving customer experience in the mortgage industry. This partnership marks a significant step towards a more efficient, secure, and transparent homebuying process for consumers.
